Kenya anchored the French energy powerhouse Rubis’ first-half 2025 performance, powering retail margin gains even as aviation volumes eased.
- •Rubis reported Kenya revenue of €455 million (KSh 69.1 billion*) in H1 2025, down 6.8% from €488 million (KSh 73.9 billion) in H1 2024, but still contributing about 36% of the Africa segment’s €1.27 billion.
- •Aviation fuel accounted for 17% of Rubis’ fuel volumes globally and saw a 9% volume drop and 2% margin drop, though unit margins rose 8%.
- •Kenya remains Rubis’ largest single market in Africa and a core profit driver.
Rubis, which holds 2nd biggest market share in Kenya at 15.96%, also disclosed that its Kenyan subsidiaries sold about €34.7 million (KSh 5.3 billion) of Kenyan government securities during H1 2025, freeing up liquidity that had been tied up as collateral for past fuel subsidy payments since 2024.
Retail fuel lifts performance
Retail service stations, which account for half of Rubis’ fuel volumes in Africa, posted 5% volume growth and 8% gross margin growth.
In Kenya, the first step of a new fuel pricing formula took effect on March 25, 2025, raising unit margins by 3% during H1. A second step implemented in July is expected to lift performance further in H2.
While retail margins rose, aviation fuel volumes in Kenya were cut due to intense price competition as Rubis chose to prioritise margins over volumes.
Lower debt costs and FX risk
Kenya also helped drive down Rubis’ financing costs.
- •Group cost of net financial debt fell to €32 million from €44 million in H1 2024, supported by lower interest costs in Kenya.
- •Other financial items improved to €-2 million from €-33 million a year earlier, reflecting stable currencies and better FX risk management in Kenya and Nigeria. Rubis reported no FX losses in H1 2025, compared to heavy losses in 2024.
- •Operating conditions in Africa improved in both Kenya and Nigeria, with stable local currencies supporting a 2% rise in Africa EBITDA to €123.7 million.
- •Rubis invested €164 million across the group in H1, including €73 million in its energy distribution business where Kenya sits.
Kenya’s non-current assets rose to €444 million (KSh 67.3 billion) in FY 2024 from €337 million (KSh 51.1 billion) in FY 2023, a 31.7% increase year-on-year.
Kenya booked €964 million (KSh 146.3 billion) in FY 2024 revenue, up 8.8% from €886 million (KSh 134.2 billion) in FY 2023.
*1 Euro = KSh 151.65 (as at June 30, 2025)
